‘SABRINA, the Teenage Witch” star Caroline Rhea has become the favorite to replace Rosie O’Donnell next year – and is meeting with Warner Bros. execs later this week to discuss the possibility, sources say.

“They want Caroline to replace Rosie, and that’s why they’ve been pushing Rhea as a ‘Rosie’ sub the last few weeks,” said one source, alluding to Rhea’s guest-hosting gigs this past Monday and last week on “The Rosie O’Donnell Show” while O’Donnell recovers from a staph infection in her hand.

“They’re meeting toward the end of the week and they’re hoping to slide Caroline into Rosie’s chair after Rosie bows out.”

Warner Bros. officials had no comment yesterday.

O’Donnell, who now also edits her own magazine, has insisted that she’s leaving “The Rosie O’Donnell Show” in May 2002 when her contract expires.

O’Donnell’s announcement has set off a flurry of speculation over who might replace “The Queen of Nice,” whose show debuted to big ratings in 1996 and has been a boon to local stations, including Ch. 7, which airs the show right after “Live with Regis & Kelly.”

Rhea would make sense. She is no stranger to talk shows, having had a deal with Paramount to host her own show and even shooting a pilot for that show, which was scrapped earlier this year due to station disinterest.

Rhea was also a frequent guest host on “Live with Regis & Kathie Lee” and has been featured on the syndicated hit, “Hollywood Squares.”

“You’ll see [Rhea] popping up more and more – Warner Bros. is figuring they’ll move her in and give her show since local stations will be looking for other programming to replace ‘Rosie,'” said one insider.

“And Warner Bros. is stuck with good timeslots on good stations. But this type of public tryout is a double-edged sword – it can either show off someone’s ability or hurt someone because a given show might not be their best kind of showcase.